REDEFINING VALUE IN THE AGE OF INTELLIGENCE

Due to technological disruptions and climate change, many India CEOs now feel the need to recalibrate their decision-making processes

- VIVEK PRASAD

GLOBAL MEGATRENDS SUCH as technology disruption, fracturing global trade, climate change and demographic dividend often have a domino impact on businesses, compelling them to take prompt action to remain resilient in the face of challenges. This year, PwC’s 28th Annual Global CEO Survey: India Perspective underscores this point. More and more CEOs are concerned about the economic viability of their businesses, compared to the previous year. In 2023, nearly 60% India CEOs were confident that their companies would be viable for more than 10 years on their current path. But in 2024, there was a five-percentage point dip. Due to technological disruptions and climate change, many India CEOs now feel the need to recalibrate their decision-making processes and press the intelligent reinvention reset button to survive and be viable in the marketplace.

In this context, business viability demands innovation ecosystems that entail interdependencies across industries, organisations and the larger society. This implies that such stakeholder ecosystems should extend beyond the traditional boundaries of industries, products, and services, and deftly weave in reconfigurations to ensure organisational growth and sustenance. India’s innovation landscape has already expanded significantly in the past few years. The country is ranked 39th*. It is time for businesses to graduate to the next level to form innovation ecosystems that drive rapid reinventions.